Well, that got a flood of comments.
Suppose I take 20 Â£5 notes, burn them and offer you a certificate for the smoke for Â£101. Would you buy the certificate?
This is the value proposition of Bitcoin. I don’t get it. How does that make sense? Why would you burn Â£100 worth of non-renewable resources and then use it to represent Â£100 of buying power. Really? That’s just nuts, isn’t it?
I mean, it’s nice for the early adopters, so long as new suckers keep coming along. But in the long run it’s just a pointless waste of stuff we can never get back.
Secondly, the point of referencing “Proof-of-work Proves Not to Work” was just to highlight that cycles are much cheaper for some people than others (particularly botnet operators), which makes them a poor fit for defence.
Finally, consensus is easy if the majority are honest. And then coins become cheap to make. Just saying.